Generating Everlit Embed
Despite a slight cooling in the local and statewide housing market, homes across Washington are still selling significantly faster than the national average. This trend highlights a divided U.S. housing landscape, where buyers’ negotiating power varies greatly depending on their location.
In Washington state, homes that went under contract in October stayed on the market for a median of just 36 days, compared to 51 days nationwide, according to data from Redfin. While this indicates a competitive market, homes in and around Seattle are lingering longer on the market than they did a year ago. Orphe Divounguy, a senior economist at Zillow, noted that the region still faces a “massive housing shortage,” which contributes to the high costs of living. “That’s why it’s such an expensive market,” he explained…